Al Baraka Egypt Raises Corporate Finances To EGP 10 Bln In 2013

Al Baraka Bank of Egypt’s corporate finances reached EGP 8 billion at the end of last November, registering an increase of 15% from a year earlier.

Sources said the bank targets to raise its corporate finances by EGP 2 billion in 2013, through expanding in financing petrochemical, fertilizers, industrial, educational and medical sectors.

The bank did not contribute to the EGP 1.070 billion loan arranged for the Egyptian Steel Group to finance the establishment of Egyptian Steel Factory in Beni Suef because the Group is close to reach its maximum borrowing limit from the bank.

Sources affirmed that the bank plans to inject US$ 30-50 million to the Islamic segment of the US$ 1,250 billion loan arranged by the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), Banque Du Caire and Arab International Bank.